TOP TIPS FOR SUCCESS
Tej Kohli is a global entrepreneur with a strong view on the vital ingredients for success. At the root of his success, is the belief that without a great idea, you cannot build a world-class business; and without a great management team and access to capital, a great idea can’t achieve its full potential.
Set out below are Tej Kohli’s top tips for success
- An obsession for detail is a very healthy one.
- Commit to excellence – less than 100% effort and it is not worth doing.
- Surround yourself with the very best people and talent.
- Harness the ideas of young people – they are the future.
- Never just write a cheque – there’s nothing smart about that sort of investment, commit time and experience too.
- Consider how ‘scaleable’ an idea is – if it will only impact the lives of a very few, you are unlikely to become a billionaire.
- Remain open to new possibilities – a closed mind is a lost opportunity.
- Nurture talent – in a company’s success lies your own.
- Help those who can’t help themselves – it’s in your power to make a difference.
- Building a business is 365 days a year – success is not for part-timers.
- An obsession for detail is a very healthy oneFailing to focus on the detail can cost you a fortune – whether a comma in the wrong place which changes the meaning of a legal agreement, failing to protect your IP properly, or permitting unnecessary waste which, over the years can cost your business a fortune… having an obsession for detail is the difference.
- Commit to excellence – less than 100% effort and it is not worth doingYou can only be the very best if everything you do is to the very best of your ability – anything less and you cannot expect to be a champion.
- Surround yourself with the very best people and talentVery few people are experts at everything! The trick is to surround yourself with the very best people and talent, listen to their advice and take it. By harnessing the experience and expertise of specialists you can hone your great idea into a global disruptor in its field.
- Harness the ideas of young people – they are the futureYoung people look at challenges in a different way; they approach them without the baggage of legacy hurdles but with a practical vision of the way traditional practices can be revolutionised.
- Never just write a cheque – there’s nothing smart about that sort of investment, commit time and experience tooIf you just want to write a cheque, play the stock markets or invest in products. Investing in early stage businesses is about investing time and experience not just money; it is the best way to make a lot of money and the easiest way to lose the lot if you don’t want to immerse yourself in attainment of the investee company’s true potential.
- Consider how ‘scaleable’ an idea is – if it will only impact the lives of a very few, you are unlikely to become a billionaireNiche ideas are for people with limited horizons – today a business has to have the potential to operate on a much bigger scale and appeal to the widest possible target audience.
- Remain open to new possibilities – a closed mind is a lost opportunityEntrepreneurs have the benefit of flexibility – by keeping your mind, eyes and ears open to new possibilities you have the potential to achieve even greater success.
- Nurture talent – in a company’s success lies your ownUsually the greatest asset a business has is its people – nurture this talent and ensure that they understand and share your vision and take them on the journey with you.
- Help those who can’t help themselves – it’s in your power to make a differenceNever forget to give back – support those less fortunate than yourself with your time, and target support so that it helps alleviate the source of their problems.
- Building a business is 365 days a year – success is not for part-timersYou can’t switch on or off – there is a big difference between wanting a job and wanting a career. Success is definitely not for part-timers; you have to live and breathe your business and be focused on the detail.